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US TARP Returns USD10bn For Taxpayers

by Leroy Baker, Tax-News.com, New York

08 July 2011


US taxpayers have now recovered approximately USD255bn from the Troubled Asset Relief Program through repayments, dividends, interest, and other income, exceeding the original financial support the Treasury made through the program by approximately USD10bn.

The United States Treasury Department made the announcement as it disclosed that that all TARP funds invested in Marshall and Ilsley Corporation of Milwaukee, Wisconsin, amounting to some USD1.7bn, have been returned to taxpayers.

In March, the Treasury announced that, following previous repayments, the TARP bank programmes had already turned a profit. Since that time, it said, all further repayments and income through TARP’s bank programmes provide additional returns for US taxpayers.

The Treasury estimates that the programme will ultimately provide an overall positive return of approximately USD20bn.

Earlier this year, the Treasury said that it expected that the TARP investment programmes taken as a whole – including financial support for banks, American International Group and the domestic auto industry, as well as targeted initiatives to restart the credit markets – will result in little or no cost to taxpayers.

TAGS: tax | economics | fiscal policy | banking | United States

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